One of the oddly persistent myths about online fraud is that it is a “Western” problem – i.e., that online fraud is a problem only for North America and Western Europe. In fact, online fraud, in all of its many forms, has long been a global problem, with worldwide consumer and business losses just to e-commerce fraud reaching an estimated $48 billion in 2023.
Both more- and less-affluent countries on multiple continents have experienced an explosive growth in certain types of online fraud. In the Middle East, for example, a survey by the King Abdul Aziz Center for National Dialogue (as reported in 2022 by the Global Anti-Scam Alliance) found that 62 percent of Saudi Arabian consumers received spam and scam messages, mainly on their mobile devices. Fraudsters impersonated banks in 72 percent of the cases, police in 18 percent of the cases, and delivery services in 10 percent of the cases. In addition, 14 percent admitted that they fell for the scam and lost money.
Recognizing the frequency of bank-related online fraud schemes, the Kingdom has not only had Public Prosecution pursuing cases against criminals purporting to be bank employees, but has issued a number of warnings to the public about various online schemes such as domestic labor services, Hajj and Umrah pilgrimages, and other financial fraud schemes.
On September 19, the Saudi Arabian Monetary Agency (SAMA), the Saudi central bank, announced the first edition of the Cyber Anti-Fraud Program (CAFP). The CAFP, which will run for three months, is directed at training and developing a cohort of trainees, drawn from SAMA and local banks, through intensive cyber fraud education and on-the-field training. It will incorporate best international standards and practices in the field of cyber fraud training. It is designed to support national talent within the financial sector, in collaboration with a leading British university and renowned global entities specializing in cyber fraud prevention and detection.
If the CAFP proves successful, it may provide a template for other countries, not just in the Middle East, to enhance their financial sectors’ capabilities to combat online fraud and to better protect banking customers.
Dipping Through Geometries 